Could be that a path for the government to shrink Frannie's role in mortgages is lifting big commercial banks today: JPM +2.6%, BAC +2.1%, WFC +1.4%, C +1.6%, USB +2%. Financials are out in front as the S&P tests new rally highs.
Obviously, 08 new policy of mortgages will help private MI's sector, more profitable. meanwhile house buyer has to pay more. At today's market, it simply means lower house price because of higher loan/borrowing cost.